Ratan Tata, chairman, Tata Group, could be roped in to steer an international advisory panel to drive the ailing national carrier Air India (AI) out of the red, it is learnt.
Meanwhile, the names of Sam Pitroda, chairman, National Knowledge Commission, S Ramadorai, CEO, Tata Consultancy Services and NR Narayana Murthy, chief mentor, Infosys Technologies, are doing the rounds as likely independent directors on the airline?s board.
However, FE could not independently confirm whether the corporate bigwigs were likely to join the AI board.
Incidentally, this could be Tata Group chairman Ratan Tata?s second stint at AI. He was the non-executive chairman of AI?s board in 1980s. Interestingly, former Tata iron & steel head Russi Mody also served as chairman of both Indian Airlines and AI in 1994.
He resigned two years later, also citing a lack of authority.
AI will also put out a global advertisement for a new chief operating officer. AI does not have such a post at present, with CMD Arvind Jadhav running operations, assisted by directors and executive directors.
Besides revamping the board, the government would go in for partial disinvestment of the state-owned carrier in near future, say sources.
Meanwhile, the aviation ministry has said that a complete management restructuring of the airline is on the anvil within 30 days. The management rejig is a part of the restructuring plan that AI has to submit to the PMO by the end of July and the plan will determine whether the PMO will grant the airline its Rs 15,000-crore bailout package.
The package is critical for the airlines? survival. AI is in the midst of its worst financial crisis and is facing an immediate capital shortfall of Rs 5,000 crore.
AI has deferred paying salaries to its employees as employee cost is up to Rs 3,000 crore annually. Its losses for FY08-09 are projected to be around Rs 4,200 crore. It has a working capital loan overdraft of Rs 16,000 crore and it needs to pay Rs 45,000 crore towards aircraft purchases. Its market share is down from 30% to 17%.